Friedman’s reaches financing agreements with lenders

Friedman’s Inc. said on Tuesday that it has restructured its senior secured credit facility and obtained approval from lenders and vendors for a trade credit program.

Savannah, Ga.-based Friedman’s said its existing lenders agreed to a credit facility that provides up to $135 million, split evenly between a senior revolving loan that matures Dec. 15, 2006, and a junior term loan that matures Aug. 31, 2007.

In connection with the closing, Friedman’s issued warrants to buy up to three million class A common shares at $1.75 per share to Farallon Capital Management LLC, an affiliate of one of the lenders under the facility.

Farallon will also receive additional warrants to acquire another million class A common shares if the term loan remains outstanding a year after the closing of the credit facility.

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